What are the best features to learn about to master TradingView? Find out here and the advantages provided by the software.
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There’s a reason that TradingView’s website is the most visited when it comes to investing. Few charting platforms can compete with this supercharged trading software.
Fortunately, the learning curve for mastering TradingView isn’t steep despite being so advanced. Here, you’ll learn about its best features to gain the best charting experience on this platform.
What Is TradingView?
TradingView is an advanced, highly aesthetic charting platform and social network founded in 2011. Users can trade several financial markets through the software’s integration with many brokers and exchanges.
This platform offers 12 chart types, thousands of indicators, over 50 drawing tools, custom time frames, various screeners, alerts, watchlists, historical data, economic data, and more.
The software garners over 50 million monthly users and boasts some of the highest traffic for investing websites.
Reasons To Use TradingView
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Let’s look at the key benefits that TradingView provides for users.
Massive Depth Of Data
This is arguably the number one reason that TradingView is esteemed. Users truly have the global markets in their hands with the platform, with direct access to over 1.3 million instruments globally.
TradingView connects to hundreds of institutional-grade data feeds to offer accurate, real-time information. It’s not only the charting data that’s impressive. The platform provides extensive economic and fundamental analysis data for anticipating news events or releases.
Super Responsiveness
Until late 2020, TradingView was entirely web-based (with a mobile version) before launching a desktop application. Yet, many users prefer using the platform on a browser, an avenue that offers greater responsiveness in navigation.
Everything from clicking different icons to opening charts is smooth on a browser. This isn’t to say that the desktop version of TradingView is less attractive. However, using the platform on a browser is more accessible. You can have a few pages with your favourite charts next to the pages where you research other trading information, which would be less convenient with the desktop app due to the window switching involved.
Auto Saving
Traders don’t have to worry about manually saving any visual changes they implement on charts. They can also create different templates, each of which has auto-saving.
Highly Visual Charting
TradingView’s visual charting is second to none and highly customisable. Every trader’s charts will look different from the next due to the number of drawing tools and colour palettes on the charts.
Social Network
Aside from boasting charting superiority, TradingView is a social network for traders. Trading ideas and strategies are shared across many groups, allowing for engaging discussions and the opportunity to learn different perspectives.
Users can also view video streams for more interactive learning and form or join topic-specific chat rooms to talk about news and analysis with other traders.
What Are TradingView’s Best Features?
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Now that you know the advantages of TradingView, here’s a list of the platform’s best features to enhance your trading experience.
Historical Data
As mentioned earlier, TradingView is data-rich. Yet, this is for current and historical data. One useful feature of the software is revisiting past price action, often from several years ago; this helps with backtesting or other observational purposes. You can go to a specific date in history or a particular range.
The paid versions of TradingView allow users to scan back between 10,000 to 20,000 historical bars – the higher the time frame, the more bars you can cover.
Bar Replay Function
This feature allows traders to replay moments in time across time frames with adjustable playback speeds. It is also necessary for those back-testing their strategies and visualising the outcomes for a trader’s positions.
Watchlists
While a seemingly basic feature, creating watchlists helps organise the different markets you follow. For instance, a crypto trader may segment their coins according to high, mid, and low market cap categories instead of having a long list with no grouping. TradingView allows users to assign seven different colours for watchlists.
Using The Data Windows
The data window works with the main cursor or cross on the charts. By hovering on each candle bar, traders can see the open, high, low, and close prices, along with the volume and price change.
The platform is responsive when hovering different candles, speedily presenting the information for each. Data windows help with plotting price levels accurately.
Drawing Tools
TradingView provides arguably the most extensive suite of drawing tools like trend lines, Fibonacci, geometric shapes, measurements, annotation, technical patterns, text, and icons. You can customise each according to different colours, opacity, and thickness.
The software makes drawing ultra-responsive to the user’s touch, allowing them to place the different objects perfectly on the charts.
Should You Consider The Premium Version of TradingView?
It’s clear TradingView is a supercharged charting platform for all traders to take their trading to the next level. Despite being a marvel, most of TradingView’s best features come with its paid plans, which cost $12.95 to $49.95 monthly.
Whether traders should consider subscribing to any of TradingView’s subscriptions boils down to affordability and the number of features they need. Some experienced traders fare well with the basic TradingView plan if they don’t need the extras. Meanwhile, others can find much benefit from taking advantage of the maximum capabilities offered on the platform. Fortunately, TradingView does have discounts for annual plans from time to time, which provides even more value for money compared to paying monthly.
Ultimately, using such a powerful trading platform can support users’ goals of learning about the financial trading world and potentially earning an alternative income.
